Exhibit 99.2 SUPPLEMENTA L FINANCIAL & OPERATING DATA T H I R D Q U A R T E R E N D E D S E P T E M B E R 30, 2018
Disclaimers Forward Looking Statements Certain statements in this presentation and that may be made in meetings are forward‐looking statements. Forward‐looking statements are based on VICI Properties Inc.’s (“VICI or the “Company”) current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate to strictly historical and current facts and by the use of the words such as "expects", "plans" "opportunities" and similar words and variations thereof. Although the Company believes that the expectations reflected in such forward‐looking statements are based on reasonable assumptions, its results, performance and achievements could differ materially from those expressed in or by the forward‐looking statements and may be affected by a variety of risks and other factors including, among others: risks that the acquisition of the Margaritaville Resort Casino and Harrah’s Philadelphia may not be consummated on the terms or timeframe described herein, or at all; the ability of the parties to satisfy the conditions set forth in the definitive transaction documents for the acquisition of the Margaritaville Resort Casino and Harrah’s Philadelphia, including the ability to receive, or delays in obtaining, the regulatory and other approvals and/or consents required to consummate the transactions; the risk that the call right to reacquire the Octavius Property, in the event that the acquisition of Harrah’s Philadelphia is not consummated, may be exercised; the terms on which the Company finances the Margaritaville Resort Casino and Harrah’s Philadelphia transactions, including the source of funds used to finance such transactions; disruptions to the real property and operations of the Margaritaville Resort Casino and Harrah’s Philadelphia during the pendency of the closings; risks that the Company may not achieve the benefits contemplated by our pending and recently completed acquisitions of real estate assets (including any expected accretion or the amount of any future rent payments); risks that not all potential risks and liabilities have been identified in the due diligence for our pending and recently completed transactions; the Company's dependence on subsidiaries of Caesars Entertainment Corporation ("Caesars") as tenant of all of its properties and Caesars or its subsidiaries as guarantor of the lease payments, and the consequences of any material adverse effect on their business could have on the Company; the Company's dependence on the gaming industry; the Company's ability to pursue its business and growth strategies may be limited by its substantial debt service requirements and by the requirement that the Company distribute 90% of its real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that the Company distribute 100% of its REIT taxable income in order to avoid current entity level U.S. Federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of the Company's tenants to obtain and maintain regulatory approvals in connection with the operation of the Company's properties; the possibility that the Company’s tenants may choose not to renew their lease agreements with the Company following the initial or subsequent terms of the leases; restrictions on the Company's ability to sell its properties subject to the lease agreements; the Company's substantial amount of indebtedness and ability to service and refinance such indebtedness; the Company's historical and pro forma financial information may not be reliable indicators of its future results of operations and financial condition; the Company's inability to achieve the expected benefits from operating as a company independent of Caesars; limits on the Company's operational and financial flexibility imposed by its debt agreements; the possibility the Company's separation from Caesars Entertainment Operating Company, Inc. fails to qualify as a tax‐free spin‐off, which could subject the Company to significant tax liabilities. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10‐K for the year ended December 31, 2017, Quarterly Reports on Form 10‐Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward‐looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Caesars Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC LLC, the Company's significant lessee, have been filed with the SEC. Certain financial and other information for Caesars and CEOC included in this presentation have been derived from Caesars' public filings and other publicly available presentations and press releases. Market and Industry Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. This Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. This industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non‐GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share, and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see “Definitions of Non-GAAP Financial Measures” included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of September 30, 2018 unless otherwise noted. Published November 1, 2018. VICI Q3 2018 Supplemental Financial & Operating Data 2
Corporate Overview About VICI Properties (NYSE: VICI) VICI Properties Inc. (“VICI Properties” or the “Company”) is an experiential real estate investment trust that owns one of the largest portfolios of market‐leading gaming, hospitality and entertainment destinations, including the world‐renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 20 gaming facilities comprising over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are net leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which prioritize customer loyalty and value through great service, superior products and constant innovation. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com. Senior Management Board of Directors Titles Independent Edward Pitoniak Chief Executive Officer & Director James Abrahamson Director, Chairman of the Board ✓ President & Chief Operating Officer John Payne Diana Cantor Director ✓ David Kieske EVP, Chief Financial Officer Eugene Davis Director, Chairman of the Audit & Finance Committee ✓ Samantha Gallagher EVP, General Counsel & Secretary Eric Hausler Director, Chairman of the Nominating & Governance Committee ✓ Gabriel Wasserman Chief Accounting Officer Elizabeth Holland Director ✓ Craig Macnab Director, Chairman of the Compensation Committee ✓ Edward Pitoniak Chief Executive Officer & Director Michael Rumbolz Director ✓ Covering Equity Analysts Contact Information Firm Analyst Phone Email Corporate Headquarters Transfer Agent Baird RJ Milligan (813) 273-8252 Rjmilligan@rwbaird.com VICI Properties Inc. Computershare Barclays Felicia Hendrix (212) 526‐5562 Felicia.Hendrix@barclays.com 430 Park Ave., 8th Fl. 2335 Alaska Avenue BofA Merrill Lynch Shaun Kelley (646) 855‐1005 Shaun.Kelley@baml.com New York, NY 10022 El Segundo, CA 90245 Citi Smedes Rose (212) 816-6243 Smedes.Rose@citi.com (646) 949‐4631 (800) 962‐4284 Credit Suisse Cameron McKnight (212) 325-6608 Cameron.Mcknight@credit-Suisse.com www.computershare.com Deutsche Bank Carlo Santarelli (212) 250‐5815 Carlo.Santarelli@db.com Investor Relations Public Markets Detail Goldman Sachs Stephen Grambling (212) 902‐7832 Stephen.Grambling@gs.com investors@viciproperties.com Ticker: VICI Morgan Stanley Thomas Allen (212) 761‐3356 Thomas.Allen@morganstanley.com Exchange: NYSE Nomura Harry Curtis (212) 310-5414 Harry.Curtis@instinet.com Public Relations Stifel Simon Yarmak (443) 224‐1345 Yarmaks@stifel.com pr@viciproperties.com Union Gaming John DeCree (702) 691‐3213 John.Decree@uniongaming.com Wells Fargo Jeff Donnelly (617) 603‐4262 Jeff.Donnelly@wellsfargo.com Covering High Yield Analysts Corporate Credit Ratings Firm Analyst Phone Email Firm Rating BofA Merrill Lynch James Kayler (646) 855‐9223 James.F.Kayler@baml.com Moody's Ba3 Goldman Sachs Komal Patel (212) 357‐9774 Komal.Patel@gs.com Standard & Poor's BB J.P. Morgan Michael Pace (212) 270‐6530 Michael.Pace@jpmorgan.com VICI Q3 2018 Supplemental Financial & Operating Data 3
Table of Contents Portfolio & Financial Overview 5 Consolidated Balance Sheets 6 Consolidated Statements of Operations 7 Revenue Breakdown 8 Non‐GAAP Financial Measures 9 2018 Guidance 10 Capitalization 11 Property Overview 12 Properties Breakdown 13 Summary of Current Lease Terms 14 Lease Modifications 15 Recent Activity 16 Call Option Properties 17 Right of First Refusal / Put-Call Assets 18 VICI Q3 2018 Supplemental Financial & Operating Data 4
Portfolio & Financial Overview1 (unaudited; amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity3 Properties 20 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 Omaha Memphis New Orleans Nashville States 9 4% 3% 3% 1% MSAs 11 Kansas City Weighted Lease Maturity (years) 142 4% Dallas Property Totals 7% Total Square Feet 36,509,000 Las Vegas Louisville Casino Space Sq. Ft. 1,183,214 35% 7% Meeting Space Sq. Ft. 557,458 Slots / Table Games 22,710 Chicago Hotel Rooms 14,420 8% Restaurants ~120 San Francisco Philadelphia Retail Outlets ~50 11% 17% Summary Capitalization (see page 10) 4 Equity Market Capitalization $8,004,339 Tenant Revenue Diversity Total Debt $4,148,480 Cash, Cash Equivalents & ST Investments5 $465,899 Other Enterprise Value $11,686,920 11% Net Leverage Ratio6 5.0x Financial Highlights Food and Three Months Ended Beverage September 30, June 30, March 31, 19% 2018 2018 2018 Gaming Net Income Per Share (Basic and Diluted) $0.35 $0.38 $0.33 50% Funds From Operations Per Share (FFO) (Basic & Diluted)7 $0.35 $0.38 $0.33 Rooms Adjusted Funds From Operations Per Share (AFFO) 18% (Basic & Diluted)7 $0.36 $0.35 $0.36 Adjusted EBITDA7 $182,808 $175,446 $174,781 Annualized Dividend per Share $1.15 $1.05 Dividend Yield 5.3% 5.1% Notes 1. Information included in this supplemental is as of or for the period ended September 30, 2018, unless otherwise indicated. 2. Weighted maturity of current VICI leases based on initial lease term. 3. Percentages based on overall square footage. 4. Represents 12 months ended June 30, 2018 gross revenue by vertical for Caesars. Revenue is enterprise wide, inclusive of transfer pricing. 5. Excludes restricted cash. VICI Q3 2018 Supplemental Financial & Operating Data 6. Net Leverage Ratio is defined as total debt less cash and cash equivalents divided by annualized third quarter Adjusted EBITDA. 5 7. See "Non‐GAAP Financial Measures" on page 9 of this presentation for the reconciliations of these Non‐GAAP Financial Measures.
Consolidated Balance Sheets (unaudited; amounts in thousands, except share and per share data) September 30, 2018 December 31, 2017 Assets Real estate portfolio: Investments in direct financing leases, net $ 8,815,557 $ 8,268,643 Investments in operating leases 1,075,691 1,110,400 Land 95,789 73,600 Property and equipment used in operations, net 72,287 74,300 Cash and cash equivalents 145,223 183,646 Restricted cash 58 13,760 Short-term investments 320,676 - Other assets 43,220 15,363 Total assets $ 10,568,501 $ 9,739,712 Liabilities Debt, net $ 4,121,153 $ 4,785,756 Accrued interest 23,672 21,595 Deferred financing liability 73,600 73,600 Deferred revenue 701 68,117 Dividends payable 106,356 - Other liabilities 31,742 10,562 Deferred income taxes 4,004 3,718 Total liabilities $ 4,361,228 $ 4,963,348 Stockholders' equity Common stock, $0.01 par value, 700,000,000 shares authorized and 370,228,468 and 300,278,938 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 3,702 3,003 Additional paid-in capital 5,953,726 4,645,824 Accumulated other comprehensive income 5,465 — Retained earnings 160,915 42,662 Total VICI stockholders' equity 6,123,808 4,691,489 Non-controlling interests 83,465 84,875 Total stockholders' equity 6,207,273 4,776,364 Total liabilities and stockholders' equity $ 10,568,501 $ 9,739,712 VICI Q3 2018 Supplemental Financial & Operating Data 6
Consolidated Statements of Operations (unaudited; amounts in thousands, except share and per share data) Three Months Ended September 30, 2018 June 30, 2018 Revenues Income from direct financing leases $ 189,938 $ 182,319 Income from operating leases 12,209 12,209 Tenant reimbursement of property taxes 25,147 18,932 Golf operations 5,393 7,515 Revenues 232,687 220,975 Operating expenses General and administrative 5,678 7,160 Depreciation 929 922 Property taxes 25,423 18,932 Golf operations 4,223 4,513 Loss on impairment 12,334 — Total operating expenses 48,587 31,527 Operating income 184,100 189,448 Interest expense (54,051) (51,440) Interest income 2,027 3,799 Income before income taxes 132,076 141,807 Income Tax expense (52) (448) Net income $ 132,024 $ 141,359 Less: Net income attributable to noncontrolling interest (2,112) (2,315) Net income attributable to common shareholders $ 129,912 $ 139,044 Net income per common share Basic $ 0.35 $ 0.38 Diluted $ 0.35 $ 0.38 Weighted average number of common shares outstanding Basic 369,935,055 369,932,843 Diluted 370,127,185 369,991,738 VICI Q3 2018 Supplemental Financial & Operating Data 7
Revenue Breakdown (unaudited; amounts in thousands) Three Months Ended September 30, 2018 June 30, 2018 Caesars leases CPLV lease Contractual leasing revenues $ 29,041 $ 29,041 Income from operating leases 12,209 12,209 Direct financing lease adjustment (non-cash)1 5,492 5,417 CPLV leasing revenue $ 46,742 $ 46,667 Octavius lease Contractual leasing revenues $ 7,809 $ - Direct financing lease adjustment (non-cash) (480) - Octavius leasing revenue $ 7,329 $ - Non-CPLV & Joliet leases2 Contractual leasing revenues $ 118,231 $ 118,231 Direct financing lease adjustment (non-cash) 7,976 7,762 Non-CPLV & Joliet leasing revenue $ 126,207 $ 125,993 HLV lease Contractual leasing revenues $ 21,850 $ 21,850 Direct financing lease adjustment (non-cash) 19 18 HLV leasing revenue $ 21,869 $ 21,868 Total Caesars leases Contractual leasing revenues $ 176,931 $ 169,122 Income from operating leases 12,209 12,209 Direct financing lease adjustment (non-cash) 13,007 13,197 Total Caesars leasing revenue 202,147 194,528 Tenant reimbursement of property taxes 25,147 18,932 Golf operations 5,393 7,515 Total revenues $ 232,687 $ 220,975 Notes 1. Amounts represent the non-cash adjustment to income from direct financing leases in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. VICI Q3 2018 Supplemental Financial & Operating Data 2. Includes 100% of Joliet revenues. VICI has a minority shareholder which received $2.0MM distribution for the quarter ended September 30, 2018. 8
Non‐GAAP Financial Measures (unaudited; amounts in thousands, except share and per share data) Three Months Ended September 30, 2018 June 30, 2018 Net income attributable to common stockholders $ 129,912 $ 139,044 Real estate depreciation - - Funds From Operations (FFO) 129,912 139,044 Direct financing lease adjustments attributable to common stockholders (12,876) (12,863) Loss on impairment1 12,334 - Non-cash stock-based compensation 623 468 Amortization of debt issuance costs and original issue discount 1,495 1,489 Other depreciation 926 919 Capital expenditures (187) (211) Adjusted Funds From Operations (AFFO) 132,227 128,846 Interest expense, net 50,529 46,152 Income tax expense 52 448 Adjusted EBITDA $ 182,808 $ 175,446 Net income per common share Basic and diluted $ 0.35 $ 0.38 FFO per common share Basic and diluted $ 0.35 $ 0.38 AFFO per common share Basic and diluted $ 0.36 $ 0.35 Weighted average number of common shares outstanding Basic 369,935,055 369,932,843 Diluted 370,127,185 369,991,738 Note 1. Represents the non-cash impairment related to certain vacant, non-operating land parcels. Please refer to the description of this impairment set forth in the Company’s Form 10-Q filed with the SEC on VICI Q3 2018 Supplemental Financial & Operating Data November 1, 2018. 9
2018 Guidance The Company is updating its estimated net income per share guidance to reflect the non-cash loss on impairment which occurred in the current quarter and is reaffirming its AFFO per share guidance, for the full year 2018. The Company estimates that net income attributable to common stockholders will be between $1.44 and $1.45 per diluted share and that AFFO per share will continue to be between $1.43 and $1.44 per diluted share, for the year ending December 31, 2018. The following is a summary of the assumptions that the Company used in arriving at its guidance: For the Year Ending December 31, 2018 Low High Estimated net income attributable to common stockholders per diluted share $ 1.44 $ 1.45 Estimated real estate depreciation per diluted share - - Estimated Funds From Operations (FFO) per diluted share $ 1.44 $ 1.45 Estimated direct financing lease adjustments per diluted share (0.14) (0.14) Estimated loss on extinguishment of debt, acquisition and transaction costs, non-cash stock based compensation, amortization of debt issuance costs and OID, other depreciation, capital expenditures and impairment charges per diluted share 0.13 0.13 Estimated Adjusted Funds From Operations (AFFO) per diluted share $ 1.43 $ 1.44 The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to below. These estimates do not include the impact on operating results from possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. VICI Q2 2018 Supplemental Financial & Operating Data 10
Capitalization1 ($ amounts in thousands, except share and per share data) % of Maturity Interest Interest Balance as of Total Prepayment Years to Debt Description Date2 Rate Frequency Credit Rating September 30, 2018 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Senior Secured Revolving Credit Facility 12/22/2022 L+2.00% Monthly3 - 0% ‐ 4.2 years First Lien Senior Secured Term Loan B (Term Loan B Facility) 12/22/2024 L+2.00%4 Monthly Ba3 / BBB- 2,100,000 51% Par 6.2 years Second Priority Senior Secured Notes 10/15/2023 8.00% Semi‐Annually B1 / BB 498,480 12% NC 35 5.0 years CPLV CMBS Debt 10/10/2022 4.36% Monthly 1,550,000 37% MWC 4.0 years Total Debt 4.95%6 $4,148,480 100% 5.2 years Fixed Rate $3,548,480 86% Variable Rate $600,000 14% Equity Shares Outstanding as of 9/30/18 370,228,468 Share Price as of 9/30/18 $21.62 Equity Market Capitalization $8,004,339 Enterprise Value Total Debt plus Equity Market Capitalization $12,152,819 Less: Cash, Cash Equivalents & ST Investments7 465,899 Total Enterprise Value $11,686,920 Total Liquidity Revolving Credit Facility Capacity $400,000 Cash, Cash Equivalents & ST Investments 465,899 Total Liquidity $865,899 Notes 1. As of September 30, 2018. 2. The Term Loan B Facility requires scheduled quarterly payments in amounts equal to 0.25% of the original principal amount adjusted for prepayments permitted pursuant to the Credit Agreement dated December 22, 2017 (the “Credit Agreement”). The Term Loan B Facility will mature on December 22, 2024 or the date that is three months prior to the maturity of the Second Lien Notes, whichever is earlier (or if the maturity is extended pursuant to the terms of the Credit Agreement, such extended maturity date as determined pursuant thereto). 3. Commitment fees on the undrawn portion of the Revolving Credit Facility are paid quarterly. 4. On April 24, 2018, VICI swapped $1.5Bn of variable rate debt at a fixed rate of 2.8297%.The interest rate swap transactions each have an effective date of May 22, 2018 and a termination date of April 22, 2023. 5. Callable at 104 after 3 years (October 2020), and at par after 4 years post issuance, plus any accrued and unpaid interest to the redemption date. 6. Based on one month LIBOR of 2.21% as of September 30, 2018. Includes impact of interest rate swaps. VICI Q3 2018 Supplemental Financial & Operating Data 7. Excludes restricted cash. 11
Property Overview N. KANSAS CITY COUNCIL BLUFFS METROPOLIS JOLIET / HAMMOND PHILADELPHIA Harrah’s Harrah’s Horseshoe Harrah’s Harrah’s Horseshoe Harrah’s N. Kansas Council Council Metropolis Joliet Hammond Philadelphia3 City Bluffs Bluffs ATLANTIC CITY LAKE TAHOE / RENO Bally’s Harrah’s Atlantic City Reno Caesars Atlantic City Harvey’s Lake Tahoe / Reno Joliet / Hammond Lake Tahoe Council Bluffs Philadelphia LOUISVILLE Atlantic City Horseshoe North Kansas City Southern Harrah’s Las Vegas Louisville Indiana Lake Tahoe Metropolis Laughlin PADUCAH Tunica Resorts / Robinsonville Bluegrass LAS VEGAS Bossier City Downs Harrah’s Biloxi BILOXI Las Vegas New Orleans Harrah’s Caesars Gulf Coast Palace Las Vegas BOSSIER CITY TUNICA RESORTS / ROBINSONVILLE Octavius Margaritaville Louisiana Horseshoe Horseshoe Tunica Roadhouse Tower1 Bossier2 Downs Bossier City Tunica Hotel & Casino CURRENT PORTFOLIO CALL OPTION PROPERTIES DESIGNATED ROFR (CENTAUR) / PUT-CALL OWNED GOLF COURSES OT CLOSED, PSA SIGNED ON 7/11 Harrah’s New Orleans (CONVENTION CENTER) PROPERTIES Cascata, Boulder City, NV Indiana Grand, Centaur Rio Secco, Henderson, NV PSA SIGNED ON 6/18 Harrah’s Laughlin Harrah’s Atlantic City Hoosier Park, Centaur Grand Bear, Harrison County, MS Caesars Forum Convention Center, Las Vegas Chariot Run, Laconia, IN Notes 1. The Company announced on July 12, 2018 that it completed the acquisition of the real estate assets related to Octavius Tower. This acquisition represents the consolidation of the portion of the remaining real estate of Caesars Palace Las Vegas not already owned by the Company. Refer to Note 3 on page 15. 2. On June 19, 2018, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets of the Margaritaville Resort Casino. VICI Q3 2018 Supplemental Financial & Operating Data 3. On July 12, 2018, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with Harrah’s Philadelphia. Both 12 acquisitions are subject to customary closing conditions.
Properties Breakdown Meeting Sq. Ft. Slot/ Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) (000s) Table Games Hotel Rooms Caesars Palace Las Vegas Las Vegas, NV 8,579 124,181 300,000 1,400 3,980 Las Vegas Harrah's Las Vegas Las Vegas, NV 4,100 90,600 24,000 1,210 2,530 Harvey's Lake Tahoe Lake Tahoe, NV 1,670 45,136 18,000 900 740 San Francisco / Sacramento Harrah's Reno Reno, NV 1,371 40,200 21,765 650 930 Harrah's Lake Tahoe Stateline, NV 1,057 44,200 19,000 800 510 Caesars Atlantic City Atlantic City, NJ 3,632 115,225 28,590 1,900 1,140 Philadelphia Bally's Atlantic City Atlantic City, NJ 2,547 121,624 63,589 1,900 1,250 Horseshoe Hammond Hammond, IN 1,716 121,479 -- 2,600 -- Chicago Harrah's Joliet Joliet, IL 1,011 39,000 6,110 1,000 200 Horseshoe Bossier City Bossier City, LA 1,419 28,100 21,594 1,400 600 Dallas Harrah's Louisiana Downs Bossier City, LA 1,118 12,000 -- 800 -- Kansas City Harrah's North Kansas City North Kansas City, MO 1,435 60,100 12,800 1,300 390 Horseshoe Tunica Robinsonville, MS 1,008 63,000 2,079 1,200 510 Memphis Tunica Roadhouse Tunica Resorts, MS 225 33,000 10,200 700 130 Harrah's Council Bluffs Council Bluffs, IA 790 25,000 5,731 500 250 Omaha Horseshoe Council Bluffs Council Bluffs, IA 632 78,800 -- 1,400 -- Nashville Harrah's Metropolis Metropolis, IL 474 23,669 -- 850 260 New Orleans Harrah's Gulf Coast Biloxi, MS 1,031 31,300 -- 500 500 Horseshoe Southern Indiana Elizabeth, IN 2,510 86,600 24,000 1,700 500 Louisville Bluegrass Downs Paducah, KY 184 -- -- -- -- Total VICI Properties 11 MSAs 20 Properties 9 States 36,509 1,183,214 557,458 22,710 14,420 Cascata Golf Course Boulder City, NV 37 -- -- -- -- Golf Courses Rio Secco Golf Course Henderson, NV 30 -- -- -- -- Grand Bear Golf Course Saucier, MS 5 -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- VICI Q3 2018 Supplemental Financial & Operating Data 13
Summary of Current Lease Terms1 Non-CPLV & Joliet (2 Leases) Caesars Palace Las Vegas3 Harrah’s Las Vegas Initial Base Rent $465 Million2 $165 Million $87 Million Greater of 2% or change in CPI beginning Greater of 2% or change in CPI beginning Greater of 1% per year for years 2 – 5 and Annual Escalator in year 6 in year 2 greater of 2% or change in CPI Initial Base Rent, subject to Annual Initial Base Rent, subject to Annual Initial Base Rent, subject to Annual Lease Years 1-7 Escalator beginning 6th lease year Escalator beginning 2nd lease year Escalator beginning 2nd lease year Rent subject to Annual Escalator plus reset Rent subject to Annual Escalator plus reset in year 8 of 70% Base / 30% Variable rent Rent subject to Annual Escalator plus in year 8 and 11 of 80% Base / 20% and in year 11 of 80% Base / 20% Variable reset in year 8 of 80% Base / 20% Variable rent. Variable rent subject to an Rent Resets rent. Variable rent subject to an adjustment Variable rent. Variable rent subject to an adjustment in HLV revenue indexed to in Annual Non‐CPLV Facility Net Revenue adjustment in Annual CPLV Facility Net 2017 of 4% in year 8 with additional resets of 19.5% and 13% in years 8 and 11, Revenue of 13% in years 8 and 11 indexed to 3 years prior respectively Term 15-year initial term with four 5-year renewal options Caesars provides a guaranty of the payment and Caesars Resorts Collection provides a Guarantee performance of all monetary obligations guaranty of the payment and performance of under the Leases all monetary obligations under the Lease $350 Million Capex spending required over rolling 3 year Capex Requirement $171 Million between 2017 and 20215 period at $100 Million minimum per year4 Notes 1. Please see the following page for details on the contemplated lease modifications 2. Net of the 20% non-controlling interest in Harrah’s Joliet. 3. Initial Base Rent does not include rent received for Octavius Tower, which is $35 million annually beginning July 11, 2018 due to acquisition by the Company of the fee interest in Octavius Tower. 4. Over the three years, the $350mm minimum is allocated $84mm to CPLV, $255mm to Non‐CPLV (total $339mm) and the rest to CPLV/Non‐CPLV as tenant may elect. VICI Q3 2018 Supplemental Financial & Operating Data 5. Maintenance capex at 1% of net revenue thereafter. 14
Lease Modifications Lease Modifications Entered Into With Caesars In Connection With Octavius Tower and Pending Harrah’s Philadelphia1 Acquisitions Provide Long-Term Stability Anticipated Term Strategic Rationale Non-CPLV Master Lease Annual • 1.5% rent escalators beginning in year 2 ✓ Annual escalators enhance VICI’s current same store growth profile Escalators ✓ Previous magnitude of the rent reset discouraged Caesars to invest in properties • Variable rent resets in years 8 and 11 adjusted to be and grow net property revenue Rent Resets 4% of property net revenue change (vs. 19.5% / 13%) ✓ Removes potential volatility associated with property revenue EBITDAR • 1.2x EBITDAR coverage floor, beginning in year 8 ✓ Coverage floors are market standard, protects against business downturns Coverage Floor CPLV Lease ✓ Previous magnitude of the rent reset discouraged Caesars to invest in the • Variable rent resets in year 8 adjusted to be 4% of property and grow net property revenue Rent Resets property net revenue change (vs. 13%) ✓ Removes potential volatility associated with property revenue EBITDAR • 1.7x EBITDAR coverage floor, beginning in year 6 ✓ Coverage floors are market standard, protects against business downturns Coverage Floor Note 1. The contemplated lease modifications are subject to the customary closing conditions including in connection with the closing of Harrah's Philadelphia, as well as obtaining regulatory approvals and VICI Q3 2018 Supplemental Financial & Operating Data requisite lender and holder consents under our debt documents. There can be no assurances that the transactions contemplated herein will close on the timeframes contemplated, or at all. 15
Recent Activity $mm; (unaudited) Completed / Pending Transactions Rent / Multiple / Property Date Status Value Tenant Property Details Property Images Coverage Cap Rate Margaritaville June 19, 2018 Expected Close $23.2 / 1.9x 11.3x / 8.9% $261.1 Penn 26.5K Sq. Ft. of Casino Space Resort Casino Q4’181 National 1,217 Slots, 50 Table Games (Bossier City, LA) Gaming 395 Hotel Rooms (36 Luxury Suites) 1.5K Surface Parking Spaces $25mm Cumulative Capital Invested since 2013 Octavius Tower May 9, 2018 Closed $35.0 14.5x / 6.9% $507.5 Caesars 1.2mm Sq. Ft. (Las Vegas, NV)2 (July 11, 2018) 23 Stories 668 Guestrooms, 40 Suites, 26 Premium Villas Harrah’s May 9, 2018 Expected Close $21.0 / 1.8x 11.5x / 8.7% $241.5 Caesars 112.6K Sq. Ft. Philadelphia2 Q4’183 2,450 Slots, 118 Table Games 2,600 Space Covered Garage $750mm Capex Investment Lease May 9, 2018 Expected Close -- -- ($159.0) -- Modifies Leases to align VICI’s and Modifications2 Q4’183 Caesars’ incentives Includes annual rent escalators beginning in year 2 and variable rent resets Total Octavius Tower, Harrah’s Philadelphia & $56.0 10.5x / 9.5%2 $590.0 Lease Modifications Debt Consent Process – Octavius Tower, Harrah’s Philadelphia and Lease Modifications First Lien Senior Secured Term Loan B / Second Priority Senior Secured Notes Completed – Applicable consents received as of September 24, 2018 CPLV CMBS Debt In Process – Expected to be received Q4’18 Notes 1. The closing of the acquisition of Margaritaville is subject to regulatory approvals and customary closing conditions. 2. On May 9, 2018, the Company announced that it entered into a non-binding letter of intent (“LOI”) with Caesars Entertainment Corporation (“Caesars”) regarding various strategic transactions. On July 11, 2018, subsequent to the end of the quarter, the Company and Caesars completed one of the transactions contemplated under the LOI and entered into definitive agreements regarding the remaining transactions. Specifically, on July 11, 2018, the Company (i) completed the transaction with Caesars to acquire, and lease back, all of the land and real estate assets associated with Octavius Tower for $507.5 million and (ii) entered into a definitive agreement with Caesars to acquire all of the land and real estate assets associated with Harrah’s Philadelphia for $241.5 million. Further, the Company and Caesars agreed to amend the lease agreements for Caesars Palace Las Vegas (the “CPLV Lease”), the existing regional property portfolio (the “Non-CPLV Lease”), and the lease for the facilities in Joliet, Illinois (the “Joliet Lease”, and together with the CPLV Lease and the Non-CPLV Lease, the “Leases”), and certain ancillary agreements to the Leases, to realign certain of the lease terms (collectively the “Lease Modifications”). The purchase price for Harrah’s Philadelphia will be reduced by $159.0 million to reflect the aggregate net present value of the Lease Modifications, resulting in net cash consideration of $82.5 million and collective transaction net capitalization of 9.5%. 3. The acquisition of Harrah’s Philadelphia and the entry into the contemplated Lease Modifications are subject to certain customary closing conditions, including obtaining certain regulatory approvals and requisite lender and holder consents under the documents governing certain of the Company’s outstanding debt obligations. Further, the definitive documentation governing the acquisition of Harrah’s Philadelphia and Octavius Tower contemplates a put right held by VICI and a call right held by Caesars, pursuant to which Caesars may reacquire Octavius Tower under certain circumstances in the event that the acquisition of Harrah’s Philadelphia is not consummated. VICI Q3 2018 Supplemental Financial & Operating Data 16
Call Option Properties VICI has a 5‐year1 call option from spin‐off to acquire three properties at a 10% cap rate2 with $130mm of total rent as of June 20163 Harrah's Atlantic City Harrah's Laughlin Harrah's New Orleans • Integrated hotel and resort located in the Marina • Integrated hotel and resort located on the banks of • Strategically-located, Mardi Gras themed resort and district of Atlantic City with leading service, including the Colorado River in Laughlin, NV casino operating as the only land-based casino in high-limit gaming, major F&B, and nightlife outlets Louisiana • Recently invested $125.8mm in a Water Front • 50% of Harrah’s New Orleans' business is national • Offering unique amenities such as a hotel beach, Conference Center offering +100,000 sq. ft. of and competes against major gaming destinations access to water sports, and golf courses versatile meeting space Notes 1. Term extends until October 6, 2022. 2. Under the call right agreements, rent equates to 60% of the trailing property EBITDAR at the time of exercise. The purchase price is set at 10.0x rent. 3. Source: Caesars Entertainment Operating Company Disclosure Statement for the Debtors’ Second Amended Joint Plan of Reorganization filed in the United States Bankruptcy Court, Northern District of Illinois, Eastern Division on June 28, 2016. In conjunction with the Plan of Reorganization, the Debtors’ investment banker performed a valuation analysis. Such valuation assumed annual rent associated with the option properties of $130.0 million. These estimates were prepared by the Debtors. There can be no assurance that the Company will acquire any or all of the option properties, and the VICI Q3 2018 Supplemental Financial & Operating Data acquisition of the option properties is subject to various risks and uncertainties, including business, regulatory and others. 17
Right of First Refusal / Put‐Call Assets As part of the acquisition of Harrah's Las Vegas, VICI sold undeveloped land to Caesars and acquired a ROFR on the Centaur Gaming Real Estate Centaur Real Estate Caesars Forum Convention Center • On July 16, 2018 Caesars completed the acquisition of Centaur Holdings for $1.7bn • Caesars is expected to build a $375mm center with ~300K sq.ft. convention (12.1x LTM EBITDA1) space on land acquired in the Harrah’s Las Vegas transaction; scheduled to open by 2020 • Centaur Holdings owns and operates two gaming assets • Put‐Call Agreement – Put Right: If the Caesars Forum Convention Center (FCC) is built, Caesars has a 1‐year put option beginning in 2024 Indiana Grand is a casino and Hoosier Park is a casino and horse track with ~80K sq.ft. of horse track with ~170K sq.ft. of – HLV Repurchase Right: If VICI does not purchase the FCC real estate, gaming space located 23 miles gaming space located 35 miles Caesars has the option to buy HLV for 13.0x rent from Indianapolis from Indianapolis – Call Right: If Caesars doesn’t exercise the put option on HLV, VICI has a 1‐year call option on the FCC beginning in 2027 • Rent associated with the FCC will be 7.7%2 of purchase price included in HLV lease and escalate at 1% per annum3 Mutual ROFR on any domestic properties acquired by Caesars Outside of Clark County, Nevada Notes 1. Source: Caesars Investor / Lender Call Presentation form 8‐K filed with the SEC December 1, 2017. 2. Implied cap rate on 13.0x purchase multiple. VICI Q3 2018 Supplemental Financial & Operating Data 3. Rent expected to be $35.4 million subject to a 1.75x LTM combined HLV and FCC rent coverage floor. 18
Definitions of Non-GAAP Financial Measures FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by The National Association of Real Estate Investment Trusts (“NAREIT”), we define FFO as net income (or loss) (computed in accordance with GAAP) excluding gains (or losses) from sales of property plus real estate depreciation. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO direct financing lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges, amortization of capitalized leasing costs and gains (or losses) on debt extinguishment. We define Adjusted EBITDA as net income as adjusted for gains (or losses) from sales of property, real estate depreciation, direct financing lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges, amortization of capitalized leasing costs, gains (or losses) on debt extinguishment, interest expense, net and income tax expense. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBIDTA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. VICI Q3 2018 Supplemental Financial & Operating Data 19
